1. Global Protein Demand Presented by Rob Murphy Senior Vice President September 10, 2015 Global Trade Exchange Conference, Minneapolis, MN

2. 2 Population Growth Rates Highest in Africa Source: United Nations

3. 3 Global Income Growth Projected 3-4%

4. 4 Africa and Asia Show to Largest Income Growth Source: IMF

5. 5 Projected GDP Growth, 2015 Source: IMF

6. 6 Projected GDP Growth, 2020 Source: IMF

7. 7 Chicken 2:1 (lbs of feed/lb live animal) Turkey 2.5:1 Fish 3:1 Hogs 3.5:1 Beef Cattle 6:1 Feed Efficiency Favors Poultry

8. 8 Source: USDA FAS Global Meat Exports Up 40% in 10 Years

9. 9 Global Live Swine Movement 2014 Annual

10. 10 Global Pork Movement 2014 Annual

11. 11 Global Broiler Meat Movement 2014 Annual

12. 12 China and EU Dominate World Pork Production

13. 13 China Hog Inventory Set to Grow Substantially

14. 14 China Sees Increasing Productivity

15. 15 China Sow Herd Down, But Expected to Rebound

16. 16 Brazilian Hog Inventory Marches Steadily Higher

17. 17 EU Set to Reverse Long Downtrend in Numbers

18. 18 Canada Recovering From Years of Decline

19. 19 US Recovers from PED virus

20. 20 Global Hog Numbers Set to Post Solid Increase

21. 21 Four Regions Dominate Global Broiler Production

22. 22 Broiler Production Slowly Recovers in China

23. 23 Moderate Production Increases in Brazil

24. 24 EU Continues Long-term Uptrend in Broiler Production

25. 25 India Steadily Increases Production

26. 26 Russia Cuts Imports, Increases Domestic Production

27. 27 Mexico a Smaller, but Growing Producer

28. 28 Strong US Profits Generate a Supply Increase

29. 29 Global Broiler Production Expanding

30. 30 US and EU dominate Turkey Production 2020 Turkey Production forecast at 12.45 billion pounds (+ 6.4%)

31. 31 China a Big Producer of Table Eggs 2020 Turkey Production forecast at 1.44 trillion eggs (+ 13.0%)

32. 32 World’s Appetite for Fish & Seafood Growing

33. 33 Fishmeal Can’t Keep Up With Demand

34. 34 China Projected +38% in Five Years

35. 35 Poultry Drives Growth in India

36. 36 Mexico on an Upward Trajectory

37. 37 Indonesia Sees Steep Growth

38. 38 Japan’s Usages Stagnates

39. 39 US Hog Inventory Has Bounced Back Fully

40. 40 Low Feed Costs Should Help US Hog Producers Stay Profitable

41. 41 US Producers Are Actively Adding to Breeding Stock

42. 42 The Productivity Rebound Has Been Phenomenal

43. 43 US Hog Slaughter in 2016 Should be Very Near 2015

44. 44 Pork and Chicken Have an Edge on Beef

45. 45 US Pork Exports Rebound After Two Down Years

46. 46 China Expected to Take More US Pork

47. 47 Mexico Should Remain a Strong Market for US Pork

48. 48 US Broiler Margins Have Encouraged Expansion

49. 49 US Turkey Margins Impacted by Avian Influenza Outbreak

50. 50 Strong Cow-Calf Profitability Drives Growth

51. 51 US Cattle Cycle Has Entered the Accumulation Phase

52. 52 Beef Exports Could Be Down 10% in 2015

53. 53 Summary: Global demand for protein meals should be robust in the next few years. Population and income growth, particularly in Asia and Africa, will put more consumers in a position to substitute animal protein for plant protein in their diet. Poultry and seafood will be the biggest beneficiaries of this switch, but pork should also show steady improvement. China remains the biggest driver of global demand for meats making this the biggest opportunity for soy meal demand growth. Growth in US hog and poultry numbers will keep domestic demand relatively strong.